August 15: Finance Minister Janardan Sharma has urged the private sector to help the government in transforming the informal economy into a formal one. He also asked the private sector to make efforts in building a production-oriented economy.

Addressing the second annual general meeting of the Federation of Nepalese Chamber of Commerce and Industry (FNCCI) on August 14, he stressed on the need to move towards replacing imports by increasing production.

It is essential to increase production to build an export oriented economy,  stated the minister. Sharma said the government will take steps to support the private sector affected by the pandemic. He said that an attempt has been made to address it through the monetary policy introduced recently.

To make the nation self-reliant, Minister Sharma said that the government is ready to reform policies that the private sector has been demanding.

Minister Sharma also stressed on the need to create a conducive environment for foreign investment by assessing the volume of national wealth and building the overall capital of the nation.

Speaking at the virtual program, Shekhar Golchha, President of FNCCI, said that the monetary policy announced by the government has paid special attention to the post-Covid revival and expansion of small and medium enterprises. He said the government's relief plan was not as straightforward as in developed countries, but is supportive enough.

The Federation has prepared a vision paper titled ‘National Economic Transformation 2030’  with the expectation of raising capital equivalent to $150 billion in 10 years and providing direct employment to 2.2 million people. Golchha informed that ten priority areas and 100 initiatives have been recognized to achieve this target.